(Reuters) – China has launched an investigation into Alibaba Group for suspected monopolistic behaviour and can summon its Ant Group to satisfy in coming days, regulators mentioned, within the newest blow for Jack Ma’s e-commerce and fintech empire.
This is a timeline of key occasions main as much as the investigation.
SEPT 14 – CHINA ROLLS OUT NEW RULES FOR FINANCIAL HOLDING FIRMS
Ant was amongst corporations named by Pan Gongsheng, the Folks’s Financial institution of China vice governor.
OCT 21 – ANT WINS GREEN SIGNAL FROM REGULATOR
Ant wins the ultimate nod from China’s high securities watchdog to register its Shanghai IPO, clearing the final regulatory hurdle for its concern.
OCT 24 – “OLD MAN’S CLUB
At a public occasion attended by Chinese language regulators, Ma, China’s richest man, mentioned the monetary and regulatory system stifled innovation and have to be reformed to gasoline development. He additionally in contrast the Basel Committee of world banking regulators to “an previous man’s membership”.
OCT 26 – ANT WINS BACKING OF GLOBAL STRATEGIC INVESTORS
Ant costs its IPO and secures the backing of strategic buyers together with a unit of Singapore state investor Temasek Holdings, in addition to Singaporean and Abu Dhabi sovereign wealth funds, massive Chinese language insurers and mutual funds.
OCT 30 – MOM-AND-POP INVESTORS BID $Three TRILLION FOR ANT’S SHARES
Retail buyers bid for a file $Three trillion value of shares in Ant’s twin itemizing, the equal of Britain’s gross home product, as they wager on demand for Ant’s monetary expertise providers in China.
OCT 31 – BEIJING FLAGS CONCERNS OVER FINTECH
China’s Monetary Stability and Growth Committee, a cabinet-level physique headed by Vice Premier Liu He, flags dangers related to the speedy improvement of fintech, at a gathering that was broadly interpreted as a authorities response to the rise of gamers comparable to Ant.
NOV 2 – REGULATORS ANNOUNCE TALKS WITH ANT
4 of China’s high monetary regulators say they performed regulatory talks with Ant’s high two executives and Ma.
Chinese language regulators advocate tighter laws for on-line micro-lending corporations to assist include potential monetary dangers and rein in rising debt ranges.
NOV 3 – SHANGHAI IPO SUSPENDED; ANT FREEZES HK IPO
The Shanghai inventory alternate suspends Ant’s IPO on its tech-focused STAR Market, citing the regulatory talks as a “materials occasion” and a more durable regulatory atmosphere as components that will disqualify Ant from itemizing.
The transfer prompted Ant to additionally freeze the Hong Kong leg of its twin itemizing.
NOV 10 – CHINA PUBLISHES DRAFT ANTI-MONOPOLY RULES FOR INTERNET PLATFORMS
China revealed draft guidelines aimed toward stopping monopolistic behaviour by web platforms, a transfer that can enhance scrutiny on e-commerce marketplaces and fee providers belonging to the likes of Alibaba Group.
NOV 23 – ALIBABA CEO SAYS CHINA’S SCRUTINY OF INTERNET PLATFORMS IS NEEDED
China’s growing oversight of web platforms is each “well timed and needed”, Alibaba Group CEO Daniel Zhang instructed the World Web Convention.
DEC 14 – CHINA FINES DEALS INVOLVING ALIBABA, TENCENT
China warned its Web giants it will not tolerate monopolistic practices and to brace for elevated scrutiny, because it slapped fines and introduced probes into offers involving Alibaba Group and Tencent Holdings.
(Reporting by Anshuman Daga; Enhancing by Raju Gopalakrishnan)
(Solely the headline and film of this report could have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)